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DRAPERY PROFITS.

In noting the remarkable increase in profits shown in the second annual report of the Drapery Trust, allowance must be made for the inevitable expansion resulting from the expansion in the business itself. The profit was £417,720 against £287,138, and after paying directors' fees and expenses and the dividend on the 7 per cent. Preference shares the balance remaining permits 8 per cent. on the Ordinary shares with a further Participating dividend of 1 per cent. on the Preference shares. Even then the amount carried forward is £131,145 against £74,769 brought in. Practically all the Ordinary shares are, of course, now owned by Debenhams Limited. * *